The city of Farmington has awarded about $440,000 in the first round of Small Business Continuity Grants to more than 75 Farmington businesses negatively affected by the coronavirus pandemic. The city is continuing to process applications and is soliciting additional applications from Farmington businesses.
Qualifications for the grant have been updated. In order to qualify, businesses must:
Have 50 or fewer full-time equivalent (FTE) employees.Be located in Farmington city limits and have a city of Farmington business license. Have an annual revenue of $2 million or less before the impact of COVID-19. Be able to show “significant impact” during the COVID-19 crises through declines in revenue as compared with pre-COVID-19 revenues.Qualified applicants will be awarded one grant as follows:
Applicants with 1 to 10 FTE employees may receive up to $5,000 Applicants with 11 to 50 FTE employees may receive up to $10,000 Businesses with multiple locations will only be allowed one grant award and all locations combined must not exceed the threshold requirements of total employees and total revenues. Nonprofit organizations that meet the criteria may also apply.
Proceeds from the grant must be spent on eligible “business continuity” and/or “business redesign” expenses. Expenditures incurred from March 1 to Dec. 30 are eligible for reimbursement as per the “CARES Act” requirements and Coronavirus Relief Fund guidelines.